MGM Resorts International Announces Pricing Of $1.5 Billion Senior Notes Offering By MGM China Holdings Limited

May 08, 2019

LAS VEGAS, May 8, 2019 /PRNewswire/ -- MGM Resorts International (NYSE:  MGM) (the "Company") today announced that MGM China Holdings Limited (the "Issuer"), a consolidated subsidiary of the Company, priced an upsized offering of $750 million in aggregate principal amount of 5.375% senior notes due 2024 and $750 million in aggregate principal amount of 5.875% senior notes due 2026 in a private placement, in each case, at par (collectively, the "notes"). The offering of the notes was upsized to an aggregate principal amount of $1.5 billion from the originally announced aggregate principal amount of $1.25 billion, in each case, across the two tranches of notes. The Issuer intends to use the net proceeds from the offering of the notes to repay amounts under its revolving credit facility and term loan facility. The offering is expected to close on May 16, 2019, subject to customary closing conditions.

MGM Resorts International (PRNewsfoto/MGM Resorts International)

The notes proposed to be offered will not be and have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or any state securities laws, and may not be offered or sold in the United States or to any U.S. persons absent registration under the Securities Act, or pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The notes will be offered only to "qualified institutional buyers" under Rule 144A of the Securities Act or, outside the United States, to persons other than "U.S. persons" in compliance with Regulation S under the Securities Act.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. The Company gives no assurance that the proposed offering can be completed on any terms.

Statements in this release that are not historical facts are "forward-looking" statements and "safe harbor statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and/or uncertainties, including those described in the Company's public filings with the SEC. The Company has based forward-looking statements on management's current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, the completion of the Issuer's senior notes offering. These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include effects of economic conditions and market conditions in the markets in which the Company operates and competition with other destination travel locations throughout the United States and the world, the design, timing and costs of expansion projects, risks relating to international operations, permits, licenses, financings, approvals and other contingencies in connection with growth in new or existing jurisdictions and additional risks and uncertainties described in the Company's Form 10-K, Form 10-Q and Form 8-K reports (including all amendments to those reports). In providing forward-looking statements, the Company is not undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If the Company updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements.


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SOURCE MGM Resorts International